FSS Holds New 'Insurance Contract Briefing' Online
[Asia Economy Reporter Kwangho Lee] The Financial Supervisory Service (FSS) announced on the 28th that it will jointly hold a non-face-to-face 'Insurance Contract (IFRS17) Briefing Session' for insurance companies with the Life Insurance and Non-life Insurance Associations.
From 2023, all insurance companies will apply the new IFRS17 standards. Accordingly, related insurance supervisory accounting regulations are also expected to be significantly revised.
In response, the FSS and others will publish booklets detailing the regulatory amendments effective from 2023 for insurance companies and produce and post videos on YouTube sharing frontline insurance companies' IFRS17 operational know-how.
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An FSS official stated, "Going forward, the FSS plans to promptly proceed with the regulatory amendment procedures, implement various support measures to resolve difficulties companies face in applying IFRS17, and strengthen communication with the insurance industry and others."
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